In-demand Cotterill on his way out at County
The 45-year-old led the Magpies to the Coca-Cola League Two title after arriving at Meadow Lane in February but has since stalled on signing a new deal.
The former Burnley boss was linked with the managerial vacancy at Coventry before Aidy Boothroyd was appointed last week. He is also in the frame to succeed Avram Grant at Portsmouth and has been touted as a possible successor to Paul Mariner at Plymouth.
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Hide AdCotterill is the third manager to leave County in the last eight months following the departures of Ian McParland and Hans Backe. County registered 14 wins, three draws and just one defeat under Cotterill, an impressive feat given he had spent more than two years out of the game since leaving Burnley.
He said: "Leaving Notts County has been one of the hardest decisions of my career.
"It has been a real pleasure working with such a fantastic group of people, from the chairman and chief executive, players, the backroom staff, office workers and ground staff.
"The fans have been magnificent to me and I would like to thank everyone connected with the club for how they have received me since I've been here and wish them all the very best in the future."